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If you are a fan of tech stocks, you may want to see what is listed below.
They are growing strongly and have been advised to continue doing so in the future. Here’s what you need to know:
The first technology share to focus on is this artificial intelligence (AI) data service company.
Concerns over softening demand for services during the pandemic from some of the largest customers have put significant pressure on the company’s stock over the past 12 months.
Fortunately, management seems to think that this weakness is temporary and the problems they are facing are not structural. Demand is also expected to recover significantly once trading conditions return to normal.
In addition to this, management recently announced plans to evolve into a wide range of providers of AI data annotation products and solutions. We believe this will unleash new market growth.
Ord Minnett maintains a positive attitude towards the company. Currently, the stock has a purchase rating and a price target of $ 24.75. This is almost twice as much as where the stock is traded today.
Hipages Group Holdings Ltd (ASX: HPG)
Another ASX technology share to consider is this leading online platform and software as a service (SaaS) provider.
Hipages connects Traddy with residential and commercial consumers and provides them with work leads. The platform also allows traders to communicate with their clients and perform common administrative tasks.
Goldman Sachs is very positive about the company’s growth prospects. So this morning, the broker maintained its buy valuation and raised its price target by 20% to $ 4.10.
The broker said: The current fundamentals of this business should look very strong and support the long-term structural growth of the market. Annual revenue will increase by approximately 20% during the forecast period and EPS CAGR for the three years will increase by 48%. Our estimate is that HPG is trading in attractive multiples to its peers and is in a strong net cash position. “
Two exciting ASX tech stocks to buy
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